The UAE economy is on track to record its strongest annual GDP growth since 2011, one of the latest in a series of quarterly economic reports released by Majid Al Futtaim, the leading shopping mall, communities, retail and leisure pioneer across the Middle East, Africa and Asia. Oxford Economics is …
Read More »Saudi Arabia is budgeting for Brent oil at around $76 a barrel next year, according to Al Rajhi Capital, an outlook in line with current forward prices but far more bearish than expected by analysts. The Finance Ministry said in a preliminary budget statement on Friday that it projects revenues …
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Arabian Drilling Co., a Saudi oilfield-services firm partly held by Schlumberger NV, hired Goldman Sachs Group Inc, HSBC Holdings Plc and SNB Capital to manage its IPO in Riyadh, seeking to join a steady stream of Gulf firms tapping equity markets. The firm will sell 26.7 million shares, or a …
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The more than 300 apartments in Abdulsalam Almajed’s new Riyadh complex sold in just a month for cash, without him even having to advertise. This is Saudi Arabia, the world’s biggest exporter of oil, so it’s no surprise the property market is red-hot as income from a spike in energy …
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The ongoing growth in trade between the UAE and France underscores their strong economic partnership and deep-rooted relations, supported by their leadership. The visit of President His Highness Sheikh Mohamed bin Zayed Al Nahyan to France also confirms the strength of the comprehensive strategic partnership between the two friendly countries. …
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Global oil prices could reach a “stratospheric” $380 a barrel if US and European penalties prompt Russia to inflict retaliatory crude-output cuts, JPMorgan Chase & Co. analysts warned. The Group of Seven nations are hammering out a complicated mechanism to cap the price fetched by Russian oil in a bid …
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At last week’s meeting, the OPEC+ group agreed to increase production for July and August by 216,000 barrels a day to 648,000 barrels, instead of the earlier 432,000 bpd threshold, thus doing its part to ease pressure on oil prices that have stabilized at high levels in recent weeks. The …
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Apart from the host nation Qatar, the FIFA World Cup 2022 should deliver sizeable economic prospects for UAE and Bahrain too. The football carnival is expected to give a $20 billion to $25 billion boost to Qatar. In addition, rising liquid natural gas (LNG) prices and the spurt in orders …
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OPEC on Thursday cut its forecast for growth in world oil demand in 2022 for a second straight month, citing the impact of Russia’s attack on Ukraine, rising inflation and the resurgence of the Omicron coronavirus variant in China. In a monthly report, the Organisation of the Petroleum Exporting Countries …
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Iraq’s cabinet may reactivate a deal with Halliburton Co. to drill wells in a western gas field in Akkas next month, Oil Minister Ihsan Abdul Jabbar said. An agreement with Halliburton would enable the oil ministry to get clear data on the production capacity of the Akkas field and it …
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